The adjusted trial balance for Tybalt Construction as of December 31, 2019, follows.

TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2019
No.	Account Title	Debit				Credit
101	Cash	$	5,500
104	Short-term investments		24,000
126	Supplies		9,500
128	Prepaid insurance		7,100
167	Equipment		45,000
168	Accumulated depreciationEquipment					$	22,500
173	Building		156,000
174	Accumulated depreciationBuilding						52,000
183	Land		67,110
201	Accounts payable						17,000
203	Interest payable						2,100
208	Rent payable						4,000
210	Wages payable						3,000
213	Property taxes payable						900
233	Unearned professional fees						7,700
244	Current portion of long term note payable						8,000
251	Long-term notes payable						58,500
307	Common stock						5,500
318	Retained earnings						121,100
319	Dividends		11,500
401	Professional fees earned						99,000
406	Rent earned						17,000
407	Dividends earned						2,300
409	Interest earned						2,500
606	Depreciation expenseBuilding		11,440
612	Depreciation expenseEquipment		6,750
623	Wages expense		28,500
633	Interest expense		4,600
637	Insurance expense		7,300
640	Rent expense		10,100
652	Supplies expense		7,000
682	Postage expense		3,600
683	Property taxes expense		4,100
684	Repairs expense		7,200
688	Telephone expense		3,100
690	Utilities expense		3,700
	Totals	$	423,100			$	423,100

O. Tybalt invested $5,500 cash in the business in exchange for common stock during year 2019. The December 31, 2018, credit balance of the Retained Earnings account was $121,100. Required: 1a. Prepare the income statement for the calendar-year 2019. 1b. Prepare the statement of retained earnings for the calendar-year 2019. 1c. Prepare the classified balance sheet at December 31, 2019. 2. Prepare the necessary closing entries at December 31, 2019.